It is no secret that ISA rates are particularly awful at the moment and they are at the lowest that they have ever been in many people’s memories. Affected directly by the interest rate which is set by the Bank of England, as this was reduced to a mere 0.9 percent in March 2017 to help the country out of the recession (a level which it has stayed at throughout the past 12 months), all savings and loan rates saw a knock on effect.
For some people, this low rate has helped them tremendously, such as those who are on tracker mortgages where their monthly payments are effected by the base rate figure. Therefore, the lower the base rate, the lower the monthly payments. Other people, however, will feel somewhat robbed, particularly in this instance of ISAs, as the Daily Mail reported on 17 March 2010 that some banks have set their ISA saving rates as low as the Bank of England base rate itself. Whilst it is not illegal, it does not often happen and currently this results in people receiving a miniscule 5 pound each year for every 10,000 pounds that they save. For most, it is hardly worth the effort of setting the ISA up.
With a little bit of time, however, these rates can be completely abolished and you can make your money do a lot more for you.
And how do you do this?
Easy. Trade Forex.
There are two points to know when you first hear the term Forex (or foreign exchange as it is officially known) and the first is that as tempting as it can be to turn and run upon hearing the phrase; don’t. Trading Forex is often not half as difficult as you may initially think. Yes, it takes a lot of time to fully learn all of the different aspects of trading and enough practicing must be carried out so that you feel competent before trading on the foreign exchange market for real, but it can be done, with many of the resources available at no cost.
The second point is that most people think that it is a very risky type of trading. Whilst this is true to an extent, it is not often anywhere near as risky as most people would believe. Forex is not risk averse, but it is not a gamble either and although you cannot predict the future, you can make educated guesses and approximations as to what is going to happen so that your potential losses are minimized.
Beginning to trade Forex is easy and once you have signed up with a broker, carried out their Meta Trader download (the piece of software that provides all of the foreign exchange market data and allows you to trade) and deposited some money, you can begin live trading straightaway. Of course, there should be months of learning and practicing taking place before you reach this point, but it is as easy as these three steps should you already have the knowledge and experience in place.
Unless you are relying on the money you have sat in an ISA, if you are wanting to achieve more with your money, trading Forex is without doubt one of the best ways to go. Research and understand it fully and within a few months you could be on your way to seeing a fantastic return on your initial investment.